How to Use your System for Electronic Communications and Consent Management

July 3, 2019

How do you track consent?

In recent articles, we’ve looked at A. Disclosures legally required to send an electronic Validation Notice and B. How to electronically send the Validation Notice with E-Sign consent saving you time and money.

In this third article, learn how the DAKCS Beyond Accounts Receivable Management system will help you maintain and track given consumer consent and consent that has been removed.

New Consent Tracking system

DAKCS has recently added a simple Consent Tracking system inside the collection software. The tracking system is linked to the Online Payment Portal so when a consumer logs in and provides consent for electronic communication, the system updates the account in Beyond ARM automatically.

In addition, Consent Tracking can be edited manually by collectors working in the system, while they are speaking to consumers. This allows a collector to track consent – given or removed – during a conversation real-time.

three ways to use system for consent management and tracking

Implementing automation

Activity in DAKCS, like email and texting (sending Flows), can be checked against the Consent system. Using the system you can send the account information to a letter vendor, that is if you don’t have the consent or it is revoked at any time. The process can then be handled the old fashioned way.

Unfortunately, consent will always be the key to benefitting from the ease and cost of electronic communication and you have to obtain and manage it to reap the rewards.

Choices, choices, choices

Because the DAKCS Online Payment Portal has customizable text for Consent Management, you have the option of including E-Sign disclosures. This will allow you to email or text the validation notice, the original creditor information or the dispute rights disclosure.

If worded properly it also covers all other electronic communication allowing you to avoid all print and mail communication. If you don’t need the three statutory notices sent electronically, a simple consent statement will be sufficient.

With E-Sign compliant consent in place in your system, you will be set to divert all printed or post mail to email or text communications. That is with the fact that your Consent Tracking system stays up-to-date; stating that the consumer has provided consent and not revoked it at any time.

Start saving now, don’t wait.

The ability to rely on your AR system to properly manage communication channels with consumers can set you up to save a significant amount of money. You will minimize your print and mail costs. By basing the Consent Management system on E-Sign consent you allow a way to employ full electronic communications now. Rather than waiting for the final rules from the CFPB.

Since learning what the required disclosure looks like, let’s explore how the Beyond ARM System can help you send the disclosure and obtain consent.

For DAKCS users, who have specific questions on the Proposed Rule or for our guest compliance expert Joann Needleman, join the conversation in our LinkedIn DAKCS User Group

Stay in the compliance forefront. For continued education on integrating electronic communications and other issues from the CFPB’s proposed rules, subscribe below.

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